Summary of financial information of discontinued operations |
The following is a summary of the income from discontinued operations for the three and nine months ended September 30, 2016 and 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
(unaudited) |
Revenues |
|
$ |
53,939 |
|
|
$ |
607,379 |
|
|
$ |
249,439 |
|
|
$ |
1,827,238 |
|
Expenses |
|
508 |
|
|
174,218 |
|
|
78,013 |
|
|
789,157 |
|
Operating income |
|
53,431 |
|
|
433,161 |
|
|
171,426 |
|
|
1,038,081 |
|
Interest expense |
|
14,317 |
|
|
215,927 |
|
|
55,963 |
|
|
689,998 |
|
Gain on disposal of properties |
|
805 |
|
|
— |
|
|
688,824 |
|
|
— |
|
Income from discontinued operations |
|
$ |
39,919 |
|
|
$ |
217,234 |
|
|
$ |
804,287 |
|
|
$ |
348,083 |
|
As of September 30, 2016 and December 31, 2015, assets held for sale consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016 |
|
December 31, 2015 |
|
|
(unaudited) |
|
|
Investment properties, net |
|
$ |
216,792 |
|
|
$ |
1,284,888 |
|
Rents and other tenant receivables, net |
|
— |
|
|
38,945 |
|
Above market lease intangible, net |
|
2,616 |
|
|
2,616 |
|
Deferred costs and other assets, net |
|
146,472 |
|
|
366,024 |
|
Total assets held for sale |
|
$ |
365,880 |
|
|
$ |
1,692,473 |
|
As of September 30, 2016 and December 31, 2015, liabilities associated with assets held for sale consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016 |
|
December 31, 2015 |
|
|
(unaudited) |
|
|
Loans payable |
|
$ |
1,350,000 |
|
|
$ |
1,966,806 |
|
Below market lease intangible, net |
|
— |
|
|
14,758 |
|
Accounts payable, accrued expenses and other liabilities |
— |
|
|
10,754 |
|
Total liabilities associated with assets held for sale |
$ |
1,350,000 |
|
|
$ |
1,992,318 |
|
|